Tokenpay Swiss AG has officially confirmed that it has acquired a 9.9 percent stake in WEG Bank AG in partnership with the Litecoin Foundation. The terms of the agreement will also include options to purchase approximately 90% overall of the bank, pending the customary regulatory approval.

Litecoin Foundation and Tokenpay Acquire 10% of German Bank

Tokenpay has revealed that a strategic partnership between it and the Litecoin Foundation has seen the entities acquire an approximately 10% stake in the German financial institution WEG Bank. Read more...

Frankfurt Stock Exchange parent company, Deutsche Boerse AG, appears to have begun work on technology that will allow them to offer their clients bitcoin and cryptocurrency-related products.

In December 2017, regulators in the U.S. greenlit bitcoin futures trading for the CME Group and CBOE Futures Exchange, but since then, no major European exchange has jumped in. Speaking at an industry event in London on May 23, 2018, Jeffrey Tessler, head of clients, products and core markets for Deutsche Boerse, said they are considering offering cryptocurrency products: “We are deep at work with it.” Read more...

Subverting SWIFT

Founded by German Radoslav Albrecht, Bitbond is an online bank which now affords its customers the ability to transfer loans internationally — specifically, by using Bitcoin.

The platform uses Bitcoin and other cryptocurrencies to subvert SWIFT — the self-proclaimed world’s leading provider of secure financial messaging services — by lending money around the world instantly and at virtually no cost. Albrecht explained to Reuters TV:

Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days. With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low. Read more...